PRECIOUS-Gold extends gains as US data weighs on dollar
SINGAPORE, Aug 6 (Reuters) - Gold inched up on Monday, extending gains from the previous session when the U.S. labour data beat market expectations, encouraging risk appetite and weighing on the dollar. FUNDAMENTALS * Spot gold inched up 0.1 percent to $1,604.54 an ounce by 0036 GMT, after falling more than 1 percent last week as central banks on both sides of the Atlantic dashed hopes for imminent monetary easing. * U.S. gold futures contract for December delivery was little changed at $1,607.80. * The dollar index dropped to a one-month low, supporting sentiment in dollar-priced commodities. * U.S. employers hired the most workers in five months in July, but an increase in the jobless rate to 8.3 percent kept prospects of further monetary stimulus from the Federal Reserve on the table. * Gold flow from Hong Kong to China fell 10 percent to 67,747 kilograms in June, the Hong Kong Census and Statistics Department said. The department also said 26,997 kg of gold entered Hong Kong from China in June, down 9.4 percent on the month. * Hedge funds and money managers raised their net long position in U.S. gold and silver futures and options by 35 percent in the week to July 31, as price gains based on speculation of more Federal Reserve stimulus prompted speculators to boost their bullish bets. * Spanish Prime Minister Mariano Rajoy inched closer on Friday to asking for an EU bailout for his country, but said he needed first to know what conditions would be attached and what form the rescue would take. * For the top stories on metals and other news, click , or MARKET NEWS * Wall Street rallied to its highest level since early May on Friday on a stronger-than-expected U.S. jobs report and renewed hope European authorities would act to contain the euro zone debt crisis. * The euro and Australian dollar hit multi-week highs against the yen on Monday, getting the new week off to a buoyant start after stronger-than-expected U.S. jobs data last week lifted risk sentiment. DATA/EVENTS (time in GMT) 0830 EZ Sentix index August 1300 US Fed's Bernanke speaks 1400 US Employment trend index July PRICES Precious metals prices 0036 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1604.54 1.54 +0.10 2.61 Spot Silver 27.76 0.01 +0.04 0.25 Spot Platinum 1400.74 3.54 +0.25 0.56 Spot Palladium 574.25 7.25 +1.28 -11.99 COMEX GOLD DEC2 1607.80 -1.50 -0.09 2.62 1707 COMEX SILVER SEP2 27.73 -0.07 -0.26 -0.66 824 Euro/Dollar 1.2411 Dollar/Yen 78.52 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Himani Sarkar)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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